Fitch Rates Alabama Power's $200MM 5.55% Sr. Notes, 2007A 'A+'; Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch assigns a rating of 'A+' to the $200 million of 5.55% 2007A senior unsecured notes issued by Alabama Power Company Alabama Power Company is a company in the southern United States that provides electricity service to 1.3 million homes, businesses, and industries in the southern two-thirds of Alabama. It is one of four U.S. (APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ). The notes will mature on Feb. 1, 2017 and rank equally with existing and future unsecured debt of APC. The proceeds from the sale of the notes will be used to repay a portion of APC's short-term debt, which aggregated approximately $153 million as of Jan. 29, 2007, and for other general corporate purposes, including the continuous construction program. The Rating Outlook is Stable. The ratings of APC are supported by a relatively low cost coal and nuclear-dominated generation fleet, stable coverage ratios that are consistent with the rating category targets and a constructive state regulatory environment in Alabama with no prospects for retail competition on the horizon. APC benefits from the operational and financial efficiencies gained from an association with Southern Company (Issuer Default Rating of 'A' by Fitch with a Stable Outlook). Fitch's rating concerns relate to the higher than average concentration of industrial customers, lags in the recovery of rising fuel, unanticipated increases in operating and maintenance costs, the susceptibility of the territory to hurricanes, and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks associated with environmental matters. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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